Seeks more global funds to boost infrastructure

Seeks more global funds to boost infrastructure

“While we appreciate the need to focus on stability issues, additional resources for MDBs (Multilateral Development Banks) are also necessary for sustaining growth in developing countries and rebalancing global demand,” Finance Minister Pranab Mukherjee said.

Large requirements

He was participating in a discussion on Development Agenda (Infrastructure & Food Security) for G-20 Development and Finance Ministers’ Meeting here on the sidelines of the annual meeting of International Monetary Fund and the World Bank.

“At present very little funding is available with MDBs relative to the large requirements of EMDCs (Emerging Markets and Developing Countries),” he said. India has been pushing for financing of infrastructure in emerging market countries as a special area of emphasis within the Seoul Development Agenda.

“We feel that MDBs and RDBs have a major intermediation role in this regard. While the G20 has trebled the resources available with IMF over the past few years, commensurate ambition has not been forthcoming in the case of the World Bank,” he said.